There’s no mistaking who bought the dip, thanks to the transparency of blockchain ledgers.
What Happened: Bitcoin BTC/USD hit a low of $39,787 late on Tuesday, before bouncing back above $42,000. According to data from Blockchain.com, the third-largest Bitcoin wallet used the opportunity to accumulate more of the leading digital asset.
On-chain data revealed the whale wallet purchased 321 BTC at an average price of $40,500 per coin. The total value of the transaction was $13 million at the time.
This recent purchase has sent the whale’s crypto holdings to a total of 111,795 BTC worth more than $4.7 billion.
According to CryptoQuant analyst VentureFounder, the whale had an unrealized profit of $2.4 billion at the time of writing.
It is worth noting the same whale sold 9,000 BTC back in May when the price was between $54,000 and $63,000. Even this massive sale only reduced the whale's total BTC holdings by 9% at the time.
Earlier this year, CryptoPotato traced the whale wallet’s transactions and discovered that he or she uses Coinbase Global Inc COIN as its primary exchange for buying and selling Bitcoin, giving rise to speculation that the whale could be based in the U.S.
BTC Price Action: Bitcoin was trading up 6.18% at a price of $43,197.90 at publication Wednesday afternoon.
Photo: Aleksi Räisä on Unsplash
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